How much is your Vancouver Island home worth this year

New assessment figures are now available online, and in the next few days, owners of more than 369,000 properties throughout Vancouver Island can expect to receive their 2018 assessment.

BC Assessment has now updated their online database with brand new figures for all properties in British Columbia which reflect market value as of July 1, 2017.

“The majority of residential home owners within the region can expect an increase in their assessment in the 10% to 25% range as compared to last year’s assessment,” says Assessor Tina Ireland. “The market has remained strong across the island and across property types. The residential strata market has been particularly robust with assessments increasing 15% to 35% in many areas.”

2018 property assessment highlights include:

Other areas of the province can expect more significant increases of 10-20% for detached single-family homes, particularly across the Fraser Valley, Vancouver Island and the Okanagan.

The residential strata market (i.e. condos) is quite robust with typical changes expected to be in the 10-30% range across Metro Vancouver, Fraser Valley, Vancouver Island and the Okanagan; the higher end being notable in Metro Vancouver and Fraser Valley.

Typical commercial and industrial properties can expect strong increases across most of the province in the 10-20% range, with the markets around Vancouver upwards of 35% in some areas.

The new figures are used to calculate municipal property tax bills that will arrive in mailboxes this spring, with most having a payment due date of July 2, 2017.

You can learn more about the property tax process by contacting your individual municipality or their website. For the two largest municipalities in our region, the Victoria City information is HERE, while Saanich has advice HERE.

Langford is the biggest community in the West Shore, and their website has property tax information HERE.